{"id":2852,"date":"2024-06-30T11:12:08","date_gmt":"2024-06-30T11:12:08","guid":{"rendered":"https:\/\/bitcoin-zukan.com\/?p=2852"},"modified":"2024-06-30T11:12:12","modified_gmt":"2024-06-30T11:12:12","slug":"centralization","status":"publish","type":"post","link":"https:\/\/bitcoin-zukan.com\/en\/learn-en\/centralization\/","title":{"rendered":"Is Bitcoin Becoming Centralized?"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTCtitle-3-1024x576.jpg\" alt=\"\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u4e2d\u592e\u96c6\u6a29\u5316\u304c\u9032\u3093\u3067\u3044\u308b\u306e\u304b\uff1f\u30c7\u30fc\u30bf\u3084ETF\u60c5\u5831\u3092\u5143\u306b\u89e3\u8aac\" class=\"wp-image-1745\" srcset=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTCtitle-3-1024x576.jpg 1024w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTCtitle-3-300x169.jpg 300w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTCtitle-3-768x432.jpg 768w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTCtitle-3.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon2\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-1.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">I heard that Bitcoin is becoming centralized. Is that true?<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<p class=\"\">The approval of the Bitcoin spot ETF in the United States in January 2024 has led to a discourse suggesting that &#8220;Bitcoin is expected to become centralized.&#8221; Understanding the information and actual data about the spot ETF can help grasp the concepts of centralization and decentralization more clearly.<\/p>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon1\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">This article will explain the topic of Bitcoin and centralization in an easy-to-understand manner.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"wp-block-st-blocks-midashi-box freebox has-title\" style=\"background-color:#fafafa;border-width:1px;border-color:#f7931a;border-radius:0 6px 6px 6px\"><p class=\"p-free\" style=\"border-color:#f7931a;font-weight:bold\"><span class=\"p-entry-f\" style=\"color:#fffefa;font-weight:bold;background-color:#f7931a;border-radius:0 0 6px 0\"><i class=\"st-fa st-svg-pencil st-css-no\" aria-hidden=\"\"><\/i><span class=\"freebox-title-text\">Summary of the Article<\/span><\/span><\/p><div class=\"free-inbox\">\n<ul class=\"is-style-st-circle wp-block-list\">\n<li class=\"\">Although the Bitcoin spot ETF has been approved, the Bitcoin network is not under state control.<\/li>\n\n\n\n<li class=\"\">Exchanges and custody companies hold a lot of Bitcoin, but a significant amount of Bitcoin is also held in personal wallets.<\/li>\n\n\n\n<li class=\"\">Compared to other cryptocurrencies, Bitcoin is not particularly centralized.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"is-style-st-paragraph-memo\">This article was written in Japanese and converted to English using a translation tool.<br>Date of writing (Japanese version): January 2024<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">[Basic Knowledge of Bitcoin] Differences Between Decentralized and Centralized<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"960\" height=\"576\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-1-3.jpg\" alt=\"\u3010\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u524d\u63d0\u77e5\u8b58\u3011\u5206\u6563\u578b\u30fb\u4e2d\u592e\u96c6\u6a29\u578b\u306e\u9055\u3044\" class=\"wp-image-1740\" srcset=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-1-3.jpg 960w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-1-3-300x180.jpg 300w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-1-3-768x461.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"\">A centralized network is managed by a central entity such as a bank or corporation. In contrast, a decentralized network is managed by many distributed computers.<\/p>\n\n\n\n<p class=\"\">Over 10,000 nodes (computers) around the world validate Bitcoin transactions.<\/p>\n\n\n\n<p class=\"is-style-st-paragraph-bubble\">Decentralized Network of Bitcoin<\/p>\n\n\n\n<div class=\"wp-block-st-blocks-my-box st-mybox\" style=\"background-color:#fff;border-color:#757575\"><div class=\"st-in-mybox\">\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Not owned by anyone<\/strong><br>\u2192 The network is jointly operated by all participants, and no single person or organization can control everything.<\/li>\n\n\n\n<li class=\"\"><strong>Anyone can participate<\/strong><br>\u2192 The Bitcoin network is open for anyone to join or leave freely.<\/li>\n\n\n\n<li class=\"\"><strong>Joint decision-making<\/strong><br>\u2192 Changes to the network rules require the consensus of many nodes. Even if one node fails, the entire network continues to function correctly.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon8\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Bitcoin is a prime example of a decentralized network.<\/p>\n\n\n\n<p class=\"\">Despite the absence of a central governing entity, it has a robust distributed mechanism.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-1.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon3\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-2.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Since the first Bitcoin block was created in 2009, the Bitcoin blockchain has been running continuously!<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Is Bitcoin Becoming Centralized?<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"960\" height=\"576\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-2-3.jpg\" alt=\"\u300c\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u4e2d\u592e\u96c6\u6a29\u5316\u304c\u9032\u3093\u3067\u3044\u308b\u300d\u3068\u3044\u3046\u8ad6\u306f\u6b63\u3057\u3044\u306e\u304b\" class=\"wp-image-1741\" srcset=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-2-3.jpg 960w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-2-3-300x180.jpg 300w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-2-3-768x461.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/figure>\n<\/div>\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon2\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-1.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">I&#8217;ve heard that Bitcoin is becoming centralized\u2026<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon1\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">With the approval of the Bitcoin spot ETF by the U.S. SEC, some media outlets have been suggesting that Bitcoin may become centralized.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon6\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Huh? What does that mean?<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon7\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">The idea is that integrating Bitcoin into centralized financial markets through an ETF could lead to its centralization.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-2.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon2\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-1.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Is that what an ETF does? I want to know more about ETFs.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">What is a Bitcoin ETF?<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"960\" height=\"576\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/ETF-2.jpg\" alt=\"\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3ETF\u3068\u306f\uff1f\" class=\"wp-image-1531\" srcset=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/ETF-2.jpg 960w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/ETF-2-300x180.jpg 300w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/ETF-2-768x461.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"\">A Bitcoin ETF is an exchange-traded fund designed to track the price of Bitcoin. It allows investors to gain exposure to Bitcoin without directly investing in or holding the cryptocurrency.<\/p>\n\n\n\n<p class=\"\">Because it can be traded through traditional brokerage accounts, many investors who participate in conventional financial markets can also access the Bitcoin market.<\/p>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon3\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-2.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">So, there&#8217;s this opinion that integrating Bitcoin into centralized financial markets through an ETF leads to its centralization, but\u2026<\/p>\n\n\n\n<p class=\"\">Given that existing cryptocurrency exchanges also operate within centralized financial markets, I&#8217;m not entirely sure how ETFs would further centralize Bitcoin.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon1\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">With the approval of the spot ETF, what more can the state do to institutions holding physical BTC compared to what they already do to crypto exchanges?<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon5\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-5.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Wait, does that mean the state can give orders regarding the Bitcoin held by ETF custodians or cryptocurrency exchanges?<br>*Custody: Refers to the safekeeping of assets by a custodian on behalf of ETF management companies.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon1\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">It depends on the country&#8217;s laws and circumstances, but it&#8217;s not impossible.<\/p>\n\n\n\n<p class=\"\">The state cannot issue orders to designated financial institutions at will, but there could be orders given if custodians or exchanges are subject to criminal investigations.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon6\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">I&#8217;m curious about how much Bitcoin custodians and exchanges hold. Out of the 21 million maximum supply, how much do they have in custody?<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Are Bitcoin Custody Firms Holding a Significant Amount of Bitcoin?<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"960\" height=\"576\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-3-2.jpg\" alt=\"\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306fETF\u767a\u884c\u4f1a\u793e\u304c\u5927\u91cf\u306b\u4fdd\u6709\u3057\u3066\u3044\u308b\uff1f\" class=\"wp-image-1742\" srcset=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-3-2.jpg 960w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-3-2-300x180.jpg 300w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-3-2-768x461.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><figcaption class=\"wp-element-caption\">Source\uff1a<a href=\"https:\/\/bitcointreasuries.net\/\" data-type=\"link\" data-id=\"https:\/\/bitcointreasuries.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">BitcoinTreasuriesNet<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"\">According to BitcoinTreasuriesNet, companies, funds, and nations hold about 10% of the total BTC supply as of January 27, 2024.<\/p>\n\n\n\n<p class=\"\">While custody firms and exchanges do hold a significant amount of Bitcoin, they do not hold the majority of the circulating supply.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"960\" height=\"576\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-4-2.jpg\" alt=\"\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306fETF\u767a\u884c\u4f1a\u793e\u304c\u5927\u91cf\u306b\u4fdd\u6709\u3057\u3066\u3044\u308b\uff1f\" class=\"wp-image-1743\" srcset=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-4-2.jpg 960w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-4-2-300x180.jpg 300w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-4-2-768x461.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><figcaption class=\"wp-element-caption\">Source\uff1a<a href=\"https:\/\/bitcointreasuries.net\/\" data-type=\"link\" data-id=\"https:\/\/bitcointreasuries.net\/\" target=\"_blank\" rel=\"noreferrer noopener\">BitcoinTreasuriesNet<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon3\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-2.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">I&#8217;ve heard that Bitcoin ETFs move around 10,000 to 100,000 BTC, but that doesn&#8217;t mean the majority of the issued Bitcoin is with custody firms.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon1\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">It&#8217;s true that custody firms and exchanges may increase their Bitcoin holdings over time. However, it&#8217;s also a fact that a lot of Bitcoin is stored in personal wallets.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<p class=\"is-style-st-paragraph-bubble\">Bitcoin Ownership Distribution (Rough Illustration)<\/p>\n\n\n\n<blockquote class=\"twitter-tweet\"><p lang=\"en\" dir=\"ltr\">Twice as much <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> is LOST as is currently controlled by institutions and governments.<br><br>Only a tiny fraction of the world owns bitcoin, and after the halving in April, only 1.3125\/21M <a href=\"https:\/\/twitter.com\/btc?ref_src=twsrc%5Etfw\">@btc<\/a> will be left to be mined.<br><br>It might make sense to get some, just in case it catches on. <a href=\"https:\/\/t.co\/DQGhrdsSEJ\">pic.twitter.com\/DQGhrdsSEJ<\/a><\/p>&mdash; Walker&#x26a1;&#xfe0f; (@WalkerAmerica) <a href=\"https:\/\/twitter.com\/WalkerAmerica\/status\/1749176434856247520?ref_src=twsrc%5Etfw\">January 21, 2024<\/a><\/blockquote> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n\n\n\n<h3 class=\"wp-block-heading\">Is Bitcoin Under the Control of the SEC (or any government)?<\/h3>\n\n\n\n<p class=\"\">Bitcoin ETFs fall under the same category as commodity ETFs, which include assets like oil, wheat, and gold. These underlying assets can be subject to import\/export restrictions during emergencies, but they are not generally viewed as being under strict governmental control.<\/p>\n\n\n\n<p class=\"\">The term &#8220;under governmental control&#8221; suggests a scenario where a state rigorously regulates the value and distribution of an asset, which is not typically applied to commodities.<\/p>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon3\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-2.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">The phrase &#8220;under governmental control&#8221; makes it sound like the government directly controls Bitcoin, but it feels more accurate to say it&#8217;s under regulatory oversight.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon1\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Structured regulation, rather than outright bans, could be seen as beneficial for Bitcoin in the long run.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon2\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-1.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">The idea of governmental control sounds like the state could manipulate the Bitcoin network. But the government can&#8217;t stop the Bitcoin network, right?<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon8\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Of course not. Governments can&#8217;t manipulate the Bitcoin network at will. The network is globally distributed and can&#8217;t be controlled by a single entity.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-1.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon5\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-5.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Governments might have some influence over the Bitcoin held by exchanges and custody firms, but they can&#8217;t stop the Bitcoin network itself. The term &#8220;under governmental control&#8221; seems misleading for those unfamiliar with Bitcoin.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon1\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">The term &#8220;under governmental control&#8221; might apply to the claims on BTC held by exchanges and custody firms, but personal BTC holdings and the Bitcoin network itself are not under such control.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin and Centralization Q&amp;A<\/h2>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon2\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-1.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">I want to know more about Bitcoin and centralization.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon1\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">I&#8217;ll explain topics related to centralization in a Q&amp;A format.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">How Does Bitcoin Compare to Other Cryptocurrencies in Terms of Centralization?<\/h3>\n\n\n\n<p class=\"is-style-st-paragraph-bubble\">Number of Blockchain Nodes<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Cryptocurrency<\/th><th>Node Count<\/th><\/tr><\/thead><tbody><tr><td>Bitcoin<\/td><td>16556<br>Reference\uff1a<a href=\"https:\/\/coin.dance\/nodes\" data-type=\"link\" data-id=\"https:\/\/coin.dance\/nodes\" target=\"_blank\" rel=\"noreferrer noopener\">CoinDance<\/a><\/td><\/tr><tr><td>Ethereum<\/td><td>7194<br>Referenc\uff1a<a href=\"https:\/\/etherscan.io\/nodetracker\" data-type=\"link\" data-id=\"https:\/\/etherscan.io\/nodetracker\" target=\"_blank\" rel=\"noreferrer noopener\">Etherscan<\/a><\/td><\/tr><tr><td>Ripple<\/td><td>35<br>Referenc\uff1a<a href=\"https:\/\/ja.wikipedia.org\/wiki\/XRP\" data-type=\"link\" data-id=\"https:\/\/ja.wikipedia.org\/wiki\/XRP\" target=\"_blank\" rel=\"noreferrer noopener\">Wikipedia<\/a><\/td><\/tr><tr><td>Dogecoin<\/td><td>634<br>Referenc\uff1a<a href=\"https:\/\/blockchair.com\/dogecoin\" data-type=\"link\" data-id=\"https:\/\/blockchair.com\/dogecoin\" target=\"_blank\" rel=\"noreferrer noopener\">Blockchair<\/a><\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><em>Data from January 27, 2024<\/em><\/figcaption><\/figure>\n\n\n\n<p class=\"\">Comparing the number of network nodes, Bitcoin shows higher decentralization than other networks.<\/p>\n\n\n\n<p class=\"is-style-st-paragraph-bubble\">Coin Distribution in Top Wallets (Percentage Held by Top Wallets)<\/p>\n\n\n\n<div class=\"wp-block-st-blocks-my-box st-mybox\" style=\"background-color:#fff;border-color:#757575\"><div class=\"st-in-mybox\">\n<ul class=\"wp-block-list\">\n<li class=\"\">Bitcoin<br>Top 4 addresses hold 3.54% of BTC<br>Top 111 addresses hold 15.59% of BTC<\/li>\n\n\n\n<li class=\"\">Litecoin<br>Top 3 addresses hold 6.74% of LTC<br>Top 115 addresses hold 37.1% of LTC<\/li>\n\n\n\n<li class=\"\">Dogecoin<br>Top 15 addresses hold 49.72% of DOGE<br>Top 149 addresses hold 70.49% of DOGE<\/li>\n<\/ul>\n\n\n\n<p class=\"\">Source\uff1a<a href=\"https:\/\/bitinfocharts.com\/top-100-richest-bitcoin-addresses.html\" data-type=\"link\" data-id=\"https:\/\/bitinfocharts.com\/top-100-richest-bitcoin-addresses.html\" target=\"_blank\" rel=\"noreferrer noopener\">BitInfoCharts<\/a>\u3000January 27, 2024<br>\uff08\u6d41\u901a\u679a\u6570\u306b\u5bfe\u3057\u3001\u4e0a\u4f4d\u30a2\u30c9\u30ec\u30b9\u304c\u4f55\uff05\u5206\u306e\u30b3\u30a4\u30f3\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u304b\u3092\u793a\u3059\uff09<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon1\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">According to &#8220;<a href=\"https:\/\/www.coincarp.com\/\" data-type=\"link\" data-id=\"https:\/\/www.coincarp.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CoinCarp<\/a>&#8220;, many cryptocurrencies show a greater concentration of holdings than Bitcoin. Among the top 10 cryptocurrencies by market cap, Bitcoin had the least skewed distribution (as of January 27, 2024).<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon6\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">I&#8217;ve heard people say Bitcoin is concentrated among early adopters, but it seems other cryptocurrencies often have large holdings by development teams or early investors.<br>Compared to other cryptocurrencies, Bitcoin doesn&#8217;t seem particularly skewed in its distribution.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon1\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Additionally, Bitcoin uses a system called Proof of Work (PoW). Holding a large amount of Bitcoin doesn&#8217;t give you control over the blockchain.<br>Many altcoins use Proof of Stake (PoS), where governance voting can be influenced by those holding large amounts of the coin.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon3\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-2.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Some altcoins have prominent leaders or companies behind them, but Bitcoin continues to operate even though its creator, Satoshi Nakamoto, has disappeared.<br>It feels like Bitcoin is more decentralized compared to other cryptocurrencies.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Is Bitcoin Becoming Centralized Due to Mining Pools?<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"858\" height=\"465\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/mining-1.jpg\" alt=\"\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u30de\u30a4\u30cb\u30f3\u30b0\u30d7\u30fc\u30eb\u306b\u3088\u3063\u3066\u4e2d\u592e\u96c6\u6a29\u5316\u304c\u9032\u3093\u3067\u3044\u308b\uff1f\" class=\"wp-image-1746\" srcset=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/mining-1.jpg 858w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/mining-1-300x163.jpg 300w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/mining-1-768x416.jpg 768w\" sizes=\"(max-width: 858px) 100vw, 858px\" \/><figcaption class=\"wp-element-caption\">Source\uff1a<a href=\"https:\/\/mempool.space\/graphs\/mining\/pools\" data-type=\"link\" data-id=\"https:\/\/mempool.space\/graphs\/mining\/pools\" target=\"_blank\" rel=\"noreferrer noopener\">mempool.space<\/a><br><em>As of January 27, 2024<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"\">There is an opinion that &#8220;if you combine the top two or three mining pools, they could launch a 51% attack, meaning Bitcoin is centralized.&#8221; However, this claim is somewhat exaggerated.<\/p>\n\n\n\n<p class=\"\"><strong>Mining Pool:<\/strong> A system where small miners collaborate to mine and share the rewards.<\/p>\n\n\n\n<p class=\"\"><span class=\"komozi\"><strong>*51% Attack:<\/strong> When malicious miners control 51% of the hash rate (mining speed) and can execute double-spending.<br><strong>Miner:<\/strong> Individuals who participate in mining.<br><strong>Mining:<\/strong> The process of validating transactions on the network and writing them correctly to the blockchain, earning Bitcoin as a reward.<\/span><\/p>\n\n\n\n<p class=\"\">Thousands of miners participate in mining pools, making it impractical for all to unite for an attack. If a mining pool attempts an attack, miners can switch to another pool.<\/p>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon6\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">If a 51% attack were to happen, the price of Bitcoin held by miners would plummet. Not all miners would agree to such an attack.<\/p>\n\n\n\n<p class=\"\">Moreover, if a mining pool plans a 51% attack, miners opposing fraud would likely leak the information, making it difficult to unite.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon7\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">A mining pool attempting a 51% attack would lose trust from miners and investors.<\/p>\n\n\n\n<p class=\"\">Would a profitable mining pool risk its reputation for short-term gain? It doesn&#8217;t seem likely.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-2.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Summary: Is Bitcoin Becoming Centralized?<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"960\" height=\"576\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-5-1.jpg\" alt=\"\u3010\u307e\u3068\u3081\u3011\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u4e2d\u592e\u96c6\u6a29\u5316\u304c\u9032\u3093\u3067\u3044\u308b\u306e\u304b\" class=\"wp-image-1744\" srcset=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-5-1.jpg 960w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-5-1-300x180.jpg 300w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2024\/01\/BTC-5-1-768x461.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/figure>\n<\/div>\n\n\n<div class=\"wp-block-st-blocks-my-box st-mybox has-title\" style=\"background-color:#fff;border-color:#757575\"><p class=\"st-mybox-title\" style=\"color:#424242;font-weight:bold;text-shadow:#fff 3px 0px 0px, #fff 2.83487px .981584px 0px, #fff 2.35766px 1.85511px 0px, #fff 1.62091px 2.52441px 0px, #fff .705713px 2.91581px 0px, #fff -0.287171px 2.98622px 0px, #fff -1.24844px 2.72789px 0px, #fff -2.07227px 2.16926px 0px, #fff -2.66798px 1.37182px 0px, #fff -2.96998px .42336px 0px, #fff -2.94502px -0.571704px 0px, #fff -2.59586px -1.50383px 0px, #fff -1.96093px -2.27041px 0px, #fff -1.11013px -2.78704px 0px, #fff -0.137119px -2.99686px 0px, #fff .850987px -2.87677px 0px, #fff 1.74541px -2.43999px 0px, #fff 2.44769px -1.73459px 0px, #fff 2.88051px -0.838246px 0px;background:linear-gradient(0deg, #fff 0%, #fff 55%, rgba(0, 0, 0, 0) 55%, rgba(0, 0, 0, 0) 100%)\"><span class=\"st-mybox-title-text\">Key Points<\/span><\/p><div class=\"st-in-mybox\">\n<ul class=\"wp-block-list\">\n<li class=\"\">The approval of the Bitcoin ETF does not mean the Bitcoin network is under state control.<\/li>\n\n\n\n<li class=\"\">Exchanges and custodians hold significant amounts of Bitcoin, but many Bitcoins are still held in individual wallets.<\/li>\n\n\n\n<li class=\"\">Compared to other cryptocurrencies, Bitcoin is not particularly more centralized.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon3\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-2.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Some say that integrating Bitcoin into the centralized financial market through ETFs leads to centralization, but the decentralized nature of the Bitcoin network remains unchanged.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon1\">\r\n\t<div class=\"st-kaiwa-area2\">\r\n\t\t<div class=\"st-kaiwa-hukidashi2\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">ETFs increase access to the Bitcoin market for more investors, potentially leading to broader acceptance and maturity of the market. Despite this, the decentralized nature of the Bitcoin network will continue to be maintained.<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-face2\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/badger-left-3.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name2\">\u30d0\u30c3\u30b8\u30e3\u30fc\u541b<\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<div class=\"st-kaiwa-box clearfix wp-block-st-blocks-st-kaiwa kaiwaicon4\">\r\n\t<div class=\"st-kaiwa-face\"><img decoding=\"async\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/11\/fiat-right-4.png\" width=\"60px\">\r\n\t\t<div class=\"st-kaiwa-face-name\">\u30d5\u30a3\u30a2\u30c3\u30c8<\/div>\r\n\t<\/div>\r\n\t<div class=\"st-kaiwa-area\">\r\n\t\t<div class=\"st-kaiwa-hukidashi\"><div class=\"st-kaiwa-hukidashi-content\">\n<p class=\"\">Bitcoin seems complex and hard to understand, but I want to learn more.<\/p>\n\n\n\n<p class=\"\">Let&#8217;s learn more about Bitcoin!<\/p>\n<\/div><\/div>\r\n\t<\/div>\r\n<\/div>\n\n\n\n<p class=\"is-style-st-paragraph-link\">Recommended Articles\uff1a<a href=\"https:\/\/bitcoin-zukan.com\/en\/learn\/what-is-bitcoin\/\" data-type=\"link\" data-id=\"https:\/\/bitcoin-zukan.com\/en\/learn\/what-is-bitcoin\/\" target=\"_blank\" rel=\"noreferrer noopener\">What is Bitcoin?<\/a><\/p>\n\n\n\n<div class=\"wp-block-st-blocks-my-box st-mybox\" style=\"background-color:#fff;border-color:#757575\"><div class=\"st-in-mybox\">\n<div class=\"wp-block-columns is-not-stacked-on-mobile is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"600\" height=\"600\" src=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/10\/Twitter\u30a2\u30a4\u30b3\u30f3sizedown.png\" alt=\"Sigeru Minami\" class=\"wp-image-340\" style=\"aspect-ratio:1;width:100px;height:auto\" srcset=\"https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/10\/Twitter\u30a2\u30a4\u30b3\u30f3sizedown.png 600w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/10\/Twitter\u30a2\u30a4\u30b3\u30f3sizedown-300x300.png 300w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/10\/Twitter\u30a2\u30a4\u30b3\u30f3sizedown-150x150.png 150w, https:\/\/bitcoin-zukan.com\/wp-content\/uploads\/2023\/10\/Twitter\u30a2\u30a4\u30b3\u30f3sizedown-100x100.png 100w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/figure>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"is-style-st-paragraph-marumozi\"><strong><strong>Writer\uff1aSigeru Minami<\/strong><\/strong><\/p>\n\n\n\n<p class=\"\">Creator of &#8220;Bitcoin-zukan.com.&#8221;<br>Active as a handmade craftsman of Bitcoin goods.<\/p>\n\n\n\n<p class=\"\"><br><\/p>\n<\/div>\n<\/div>\n\n\n\n<p class=\"\"><\/p>\n<\/div><\/div>\n\n\n\n<p class=\"\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is the argument that &#8220;Bitcoin is becoming centralized&#8221; correct? This article explains the discourse surrounding centralization sparked by the approval of the spot ETF.<\/p>\n","protected":false},"author":3,"featured_media":1745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_locale":"en_US","_original_post":"https:\/\/bitcoin-zukan.com\/?p=1731","footnotes":""},"categories":[15],"tags":[],"class_list":["post-2852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn-en","en-US"],"_links":{"self":[{"href":"https:\/\/bitcoin-zukan.com\/wp-json\/wp\/v2\/posts\/2852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoin-zukan.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoin-zukan.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoin-zukan.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoin-zukan.com\/wp-json\/wp\/v2\/comments?post=2852"}],"version-history":[{"count":0,"href":"https:\/\/bitcoin-zukan.com\/wp-json\/wp\/v2\/posts\/2852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoin-zukan.com\/wp-json\/wp\/v2\/media\/1745"}],"wp:attachment":[{"href":"https:\/\/bitcoin-zukan.com\/wp-json\/wp\/v2\/media?parent=2852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoin-zukan.com\/wp-json\/wp\/v2\/categories?post=2852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoin-zukan.com\/wp-json\/wp\/v2\/tags?post=2852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}